well they do make a turbo for the 2.3, it is for some reason on the thunderbird from 86-88 i believe. I had an 88 tbird with a 302, and why they would put an engine less than half that size in there is just plain retarded. but anyway, you can have it turbo'ed find the stuff from a junkyard and take it to a mechanic and that should help you out.

It's actually the 87-88 Thunderbirds that have turbo and the 84-86 svo. To add more power to your 2.3 Remove the stock air intake and get a 3 inch diameter intake that would fit. You'll get faster acceleration. Thats a good and cheap way to get more power. I did it myself. Ill be adding that cone air filter and eventually will become a cold air intake.

Oh I am so very sorry, you just failed to mention that in your first post.
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to fit a 454 into a fox mustang, you'd need to rip everything under the hood out. and for the price of that bowtie "small block", you could throw twin turbos on a 5.4L 4v V8 from a GT or GT500, and you'd be better off. it would fit inside the car, its lighter, probably more powerful (i see no purpose for a 454 small block) and you'd be saving about $30,000.

Sorry, the "....crackhead..." comment was for the 454.
The only real way to make decent power with the 4-cyl is the way Ford did it...Turbo. The SVO 'Stang was a turbocharged 2.3L 4-cyl that made 205hp/210ft-lbs of torque. That's not huge power numbers, but combined with light weight, it's enough to compete with most stock 5.0L V8's. That's about the best you can do with that engine without getting really exotic and expensive.
If you want power, a V8 swap is the way to go, but depending on what you want, I'd recommend a 351. If you're gonna go to the trouble anyways, you can definitely make more power with a 351, many parts are interchangeable with 302's so they're not really much more expensive, and the blocks are much stronger than 302's. The only reliable way to make big power with a 302 is to make sure you have a Mexican block (thicker main webbing, other blocks split under big power) or buy the new Boss block ($$$!). Even then, though, it takes a lot more work and cash to make power when your working with less displacement ("There's no replacement for displacement!"). The only concern with a 351 is a hood scoop to clear the taller block, but that gives you an excuse to add a lightweight aftermarket hood! Muscle Mustangs & Fast Fords magazine built a modestly cheap and not-too-exotic 351 that made 1,000 horsepower a few months back. The potential is definitely there.
Now, about that transmission.....

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